The cryptocurrency market remains mixed with Bitcoin (BTC) hovering above $20,000. While preparing this report, Bitcoin was trading at $20,632, down 1.80% in the past 24 hours. Ether (ETH) had lost 1.30% to trade at $1,572. XRP was trading at $0.4645, a decline of 2.10% in the last 24 hours.
Major cryptos, which have gained ground in the past 24 hours, are VeChain (VET, $0.0278, 10.20%), EOS (EOS – $1.15, 1.40%), IOTA (IOTA – $0.2674, 2%), Binance Coin (BNB – $344.16, 1.20%), Polkadot (DOT, $7.09, 2.40%), and ChainLink (LINK – $9.16, 10%).
Major cryptos, which have lost ground in the past 24 hours, are Polygon (MATIC – $1.22, -1.60%), Avalanche (Avax- $17.89, -3.70%), Bitcoin Cash (BCH, $118.41, -0.20%), Internet Computer (ICP, $5.24, -1.20%), Dogecoin (DOGE – $0.1118, -5%), Solana (SOL, $29.18, -11.80%), Cardano (ADA, $0.4046, -1%), Tezos (XTZ, $1.38, -1%), Shiba Inu (SHIB, $0.00001180, -2.30%) and Stellar (XLM, $0.1101, -0.40%).
Private sector initiatives
JCB launches JCB Digital Currency in partnership with IDEMIA
JCB has unveiled JCB Digital Currency (JCBDC), a trial venture built in partnership with IDEMIA, a digital identity service provider, and Soft Space. JCBDC trial will build a Central Bank Digital Currency (CBDC) payment platform and carry out a trial with Tokyo merchants.
The aforesaid platform will be trialed by employing the prevailing JCB Contactless (EMV-based contactless payment) solution, POS terminals, and plastic card-powered user interfaces, with support from IDEMIA and Soft Space.
JCB, IDEMIA, and Soft Space will complete the creation of the platform by the end of this year. Furthermore, the trial with Tokyo vendors is planned to be conducted in March 2023. The firms emphasized that prevailing payment routing hardware can be utilized for creating a new CBDC payment system, which is an added advantage for merchants.
JCB will concentrate on including features such as routine CBDC-based touch payments. One of the trials is planned to be conducted in Tokyo. Company employees will carry out purchases to know whether the framework is dependable in a common real-life scenario. The objective is to know whether a CBDC could be utilized for settlement within prevailing credit card frameworks.
BIS Innovation Hub completes 2nd blockchain green bond trials
The Hong Kong-based BIS Innovation Hub successfully completed its second blockchain green bond trials. The initiative, named Project Genesis 2, saw participation from Goldman Sachs in addition to several prominent financial entities. Other partakers in the trial include the Hong Kong Monetary Authority (HKMA), the UN Climate Change Global Innovation Hub, and two private consortiums.
Earlier trials were focused on issuing a green bond using a blockchain platform. The latest trial was centered on automating the updates on the fulfillment of the bond’s green promises and a unique financial plan. For the successful rise of green bonds, two issues need to be addressed. They are greenwashing and guaranteeing that funding addresses climate problems rather than refunding prevailing ventures.
The uniqueness of the venture is the detachment of the bond and the green yields. In general, an investor owning a bond is guaranteed the principal and future interest and “mitigation outcome interests (MOIs).” In the aforesaid case, the MOIs are tokenized carbon credit forwards (carbon benefits that will be delivered by the project in the future divided into annual tranches) representing the appropriate venture. What makes the bond issue unique is that the tokenized MOIs can be bought and sold separately from the underlying bond.
BBVA Mexico’s asset management division unveils investment fund
The asset management division of BBVA Mexico has unveiled its initial investment fund centered on blockchain and the digital economy. Notably, the fund accepts all kinds of investors. The fund boasts of having a market share of 22% in Mexico.
Hugo Nájera, General Director of Customer Solutions at BBVA Mexico, said, “The digital economy will contribute to economic development and provide investment possibilities. Depending on the rise of cloud computing, digital products, Blockchain, and the next wave of the internet, we want to capture value for our customers with this approach.”
The fund intends to invest in fintech, web3, including metaverse and blockchain, and a broad spectrum of tokens (non-fungible tokens, crypto, and tokenized real estate).
BBVA Switzerland started offering exposure to crypto investments to its customers last year. Also, it was open to all kinds of investors and did not specifically focus on accredited investors. Nevertheless, to set up a BBVA New Gen account, customers will have a need to deposit $10,000 or equivalent.
Miscellaneous
HEC Paris, L’Oréal Group, and Meta establish a startup accelerator program
HEC Paris business school has established a startup accelerator program with L’Oréal Group and Meta in an attempt to aid creativity and inclusivity in the blockchain and metaverse environment.
The initiative, which will begin at the STATION F startup campus in Paris, will back five startups between January and June 2023. The team of experts appointed by Meta and L’Oréal will choose the startups. Also, the five startups will gain the backing of the Incubateur HEC Paris for six months. Chosen startups will execute projects centered on technologies such as avatar creation and portability, 3D production and AR/VR/MR technologies, and Web3 subjects, including token economics.
Asmita Dubey, Chief Digital & Marketing Officer L’Oréal, stated “The program intends to assist and strengthen the environment that will construct it, and that may open the door to move past storytelling – to a brand narrative that is inclusive, diversified, and sustainable by architecture, in line with our principles.”
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